Checklist

When we conduct an SMSF Audit, it consists of two parts:

• The Financial Report Audit
• The Compliance Report Audit

The main components of the Audit file required for a Financial Report Audit are:

• Signed Audit Engagement Letter by the Trustees
• Signed Trustee Representation Letter
• Financial Report – includes a Balance Sheet, Income Statement and Member Statements
• Completed Annual Tax Return
• Supporting documents for all items in the Financial Reports

The main components of the Audit file required for a Compliance Audit Report are:

• Permanent files for the SMSF
  
  Copy of signed Trust Deed

  For our sample Trust Deed, please see here

  Copy of signed Minutes of Meetings

  For our sample Minutes, please see here

  Copy of signed Investment Strategy

  For our sample Investment Strategy, please see here

  Copy of signed Consent to act as Trustee and Member Applications

  For our sample Trustee Consent and Member Application, please see here

  Copy of signed Trustee Declaration, only applicable for SMSFs that were set up after 1 July 2007

  For our sample Trustee Declaration from the ATO, please see here

  To download our Permanent files templates, please see here.
• Copy of signed Pension documentation, if the Fund is in pension mode
• Actuarial Certificate, if applicable
• Life insurance certificate for Members, if applicable
• ASIC Annual Return if the SMSF has a company acting as the Trustee of the Fund

The sources of information used to prepare the Financial Statements for the year ended 30 June 2014 are noted below:

• Foreign Exchange average rate and year-end rate for the 2014 Financial Year
• ASX Share Price at 30 June 2014
• Macquarie Bank 2014 shares and dividends data information (Macquarie Tax Facts)
• Gold & Silver Price as at 30 June 2014
• Westfield Group and Westfield Retail Trust Restructure clarification
  
  The Westfield Group (WDC)

  WDC has been restructured into Westfield Corporation (WFD) and Scentre Group (SCG). WDC security holders received 1 stapled security in WFD and 1.246 securities in SCG for every unit they held in WDC. Please refer to the Tax Office Explanatory Memorandum for a detailed clarification.
  
  For expample, if the WDC cost per unit was $10, after implementation of the restructure, the cost base split is WFD 63.62% and SCG 36.38%. For the detailed accounting treatment of this transaction, please see here.

  The Westfield Retail Trust (WRT)

  WRT has been restructured into Scentre Group (SCG). The restructure involved a return of capital of $0.2853 for each WRT unit held. After implementation of the restructure, WRT security holders received 0.918 stapled securities in SCG for every WRT unit held. Please refer to the Tax Office Explanatory Memorandum for a comprehensive clarification. For the detailed accounting treatment, please see here.

The sources of information used to prepare the Financial Statements for the year ended 30 June 2015 are noted below:

• Foreign Exchange average rate and year-end rate for the 2015 Financial Year
• Foreign Exchange daily rate for the 2015 Financial Year
• ASX Share Price at 30 June 2015
• Gold & Silver Price at 30 June 2015

Download Audit Document Checklist

To know more about our audit process and to obtain an online SMSF audit quote, please follow this link.